The MoU was signed by Mr. Subir Raha, C&MD, ONGC and Mr. Andrew Gould, Chairman and CEO Schlumberger Ltd. on May 24, 2004 at New Delhi.
The MoU envisages the co-operation in the following areas of activities:
The activities under this MoU range from data collection, processing, and interpretation of G&G data, consultancy, engineering operations, information technology and data management solutions, project alliance, innovation and R&D, logistics, and other associated communication and service protocols.
This MoU is seen as a value-enhancement alliance between ONGC and Schlumberger for long-term strategic interest to both the companies covering the above-referred activities. This approach is expected to access best in class technology at a preferred cost for effective integrated solutions.
Mr. Andrew Gould, Chairman and Chief Executive Officer, Schlumberger Limited said 'India continues to be the key focus area for Schlumberger, and we feel privileged and honored to sign this MoU. We are committed to the Indian oil and gas industry, and expect to introduce new technologies, systems and processes designed to improve recovery and increase exploration success.'
Mr. Subir Raha, Chairman and Managing Director, ONGC said 'By harnessing Schlumberger technology, experience and expertise, we will add value and enhance our E&P capabilities.'
Schlumberger has been associated with ONGC from early sixties in its quest for hydrocarbons and with the signing of this MoU the relationship is being consolidated to move ahead as partners in progress in E&P sector.
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